Presidential Candidate Donald Trump has launched a cryptocurrency token, $WLFI, but for anyone serious about crypto or protecting their money, it’s best to steer clear.
There are numerous red flags surrounding this project. For starters, the website went down right after the token launch, 70% of the supply is allocated to the founders, and it’s backed by a politician who likely doesn’t care about crypto and is simply using it to raise funds.
If you're thinking about buying $WLFI as a bet on Trump winning the upcoming election, there are better alternatives. Trump-themed memecoins have historically performed well during high-profile events surrounding the Presidential Candidate, such as assassination attempts. Even these memecoins have better tokenomics.
As this bull run gains momentum, we’ll see many celebrities launching their own “projects.” In reality, 99% of them are just trying to make a quick buck, and these projects are likely to be abandoned or turn into rug pulls. We've seen it happen before in 2021, when celebrities misled their fans with rug-pulled projects. Don’t fall for it, be smart, buy Bitcoin.
Meanwhile, Bitcoin remains strong above $66k and looking to break above $67k, despite some major volatility overnight.
If you're worried about missing the rally, don’t be. It’s not too late. If you have long-term conviction in the crypto space, now is still a great time to enter. Contact your Stormrake Crypto Broker to take advantage of these golden opportunities.
Stormrake Spotlight: SUI ($2.02)
Stormrake Spotlight: SUI ($2.02)
SUI reached a high of $2.37 yesterday before experiencing a 15% pullback to its current levels. Despite this dip, it remains a strong long-term play. These pullbacks should be viewed as buying opportunities. From a technical standpoint, SUI continues to create higher highs and higher lows, maintaining a bullish trend.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin is still in a bullish trend as it tests the key resistance of $66,800 for the third time in 10 hours. Yesterday, BTC neared this level before retracing to the 21 EMA, which provided support for its upward move. The bears are defending the current resistance, and although BTC briefly broke above it, heavy selling pressure followed. If BTC can flip this resistance into support, it could approach the green dotted CPR line at $69k.
BTC Total ETF Flows for 15 Oct: $ + 22.1 million (14 October saw an inflow of $555.9 million)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum retested the key support of $2,556 overnight and is currently holding above it. With significant confluence from the 55 EMA, top CPR support, and this key level, I expect ETH to hold and bounce from here. A break below is only likely if BTC shows weakness.
ETH Total ETF Flows for 15 Oct: $ - 15.3 million (14 October saw an inflow of $17 million)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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